Accounting for securities available for sale. Events related to Simmons Corporation's investments of temporarily excess cash appear
Question:
Accounting for securities available for sale. Events related to Simmons Corporation's investments of temporarily excess cash appear below. The firm classifies these investments as securities available for sale and does not elect the fair value option.
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None of these three securities paid dividends. Prepare dated journal entries for the following events related to these investments, assuming that the accounting period is the calendar ‘ear.
a. Acquisition of securities
b. Revaluation on December 31
c. Sale ofsecurities
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Simmons Corporation accounting for securities available for sale 6132008 Marketable Securities Security S 12000 Marketable Securities Security T 29000 ...View the full answer
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